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The Chamber of Petroleum Consumers (COPEC) has projected a reduction in fuel prices in Ghana, starting from Monday, September 16, 2024.
According to COPEC, fuel prices for petrol, diesel, and LPG are expected to drop by an average of 4%, offering some relief to consumers amidst global fluctuations in petroleum prices.
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COPEC’s Executive Secretary, Duncan Amoah, confirmed in a statement that the decline in international petroleum prices has contributed to this reduction. The retail price of petrol is expected to decrease to GH¢12.956 per litre, while diesel and LPG are projected to fall to GH¢13.642 per litre and GH¢15.345 per kilogram, respectively.
This reduction is attributed to the significant dip in global crude prices, which reached their lowest levels this year. COPEC emphasized that unless there are major changes in global petroleum prices, consumers should benefit from the lower fuel costs in the next pricing window.
In addition, COPEC urged the government to further reduce taxes on fuel products, particularly LPG, to enhance accessibility and reduce environmental damage caused by firewood usage. The organization also recommended reviving the Tema Oil Refinery (TOR) to lessen the country’s dependence on imported refined products, thereby minimizing issues like fuel contamination.
